EMPAC stands for Experimental Media and Performing Arts Center, which was created by the Rensselaer Polytechnic Institute and opened in October of 2008. Marvel Studios is interested in using the building as the secret lab for its next bad guy, which is rumored to be Mandarin.
Marvel Studios has not locked the location down as of yet, but are planning ahead to insure they can use the facility for Iron Man 3, which will be shot shortly after 2012's The Avengers, itself set with a May, 2013 release date.
Rensselaer spokesman Michael Mullaney stated, "These types of location scouting inquiries and negotiations about EMPAC take place all the time. At this point, there is absolutely nothing certain or definitive about Iron Man 3."
Iron Man 3 was released May 3rd, 2013 and stars Robert Downey Jr., Gwyneth Paltrow, Don Cheadle, Guy Pearce, Rebecca Hall, Jon Favreau, Ben Kingsley, James Badge Dale. The film is directed by Shane Black.